Private Student Loan Transparency and Improvement Act of 2007

Summary

Private Student Loan Transparency and Improvement Act of 2007 - Amends the Truth in Lending Act to prohibit a private educational lender from: (1) offering or providing any gift to specified educational institutions or their personnel in exchange for any advantage or consideration provided to such lender related to its educational loan activities; or (2) engaging in revenue sharing with such institutions. Prohibits such lender from marketing loans in any way that implies the institution endorses the lender's private educational loans (co-branding). Prohibits an employee in the financial aid office of an educational institution who has responsibilities regarding financial aid, and also serves on an advisory group established by a lender, from receiving anything of value from such lender. States it is unlawful for a lender to impose a fee or penalty for early repayment or prepayment of any private educational loan. Sets forth mandatory terms and disclosures governing private educational loans. Requires the lender to disclose before the loan transaction is consummated the terms governing the interest rate and payments. Requires the appropriate federal financial supervisory agency to give a private educational lender credit toward meeting community credit needs, for purposes of the Community Reinvestment Act of 1977, for making low-cost private educational loans to low-income borrowers. Directs the Secretary of the Treasury to engage in specified coordinated education efforts to enhance financial literacy among students at institutions of higher education. Directs the Comptroller General to study and report to Congress on the impact on borrowers of the inclusion of nonindividual factors, including cohort default rate, accreditation, and graduation rate at institutions of higher education, used in the underwriting criteria to determine the pricing of private educational loans.

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Documents

4 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 21 April 2008

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 21 April 2008

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• Reported to Senate without amendment

  summary · EN · 21 April 2008

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• Introduced in Senate

  summary · EN · 21 April 2008

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